Expanded Budget with Fund SummaryWhy use this report? View is a quick summary – snap shot of fund activity and status
•Revenue Account (Begin with “5”)•Allocation/budget
• OPAFS will allocate per award type or cash receipts
•Expenditures by account and sub‐account (Begin with “6”)•Transfer Accounts (Begin with either “7” or “8”)
• Transfer accounts classify additions to, deductions from, or transfers between funds
• Indirect cost transactions• Multi‐Campus Awards• STIP Earnings
EBS—Top line•Budget: correct selection of Revenue Account for the fund type
• Cumulative Budget – allocation of award or payments
•Financial/Revenue/Expenditure: Accrual vs Cash • Accrual based accounting ‐ revenue is recognized when earned and Expense is recognized when incurred
• Actual payments/cash received from outside sources, i.e. Clincal Trial Milestone invoiced/Scheduled payments, i.e. Private Grants
•Balance: Budget less expenses = good balance or deficit • May need to allocate budget or cash/payment
EBS‐ExpendituresExpenditures ‐ outflow of funds for an item or service
•Quickly scan down thru sub‐accounts for unallowable expenditures
•Review subaccounts for reporting purposes (MTDC Exclusions)• Subcontracts (no IDC)• Equipment (no IDC)• Space Rental (no IDC)• Patient Care Costs (no IDC) • Tuition Remission (no IDC)• Scholarships and Fellowships
•Provide agencies with billing detail for invoices
EBS‐Transfers•Indirect Costs assessed – Account 823800 (OPAFS IDC adjustments 823801)
•Multi‐Campus Awards –Intercampus Transfer Account Codes begins with “7”
•STIP distributions – General Accounting and OPAFS•Transfer between funds
•Bottom line: last category of the EBS NET = REVENUE – EXPENDITURE – TRANSFERS
EBS – View individual costs by Account CodeWhy helpful?Can drill down to view expenses
• Salary/Benefits Payroll Expense Ledgers• Vacation Leave Accrual ledgers• Expenditure receipts• Travel Expense Vouchers
BIG WHY?•Internal Control•Best practice is to review monthly
Resource:http://blink.ucsd.edu/finance/accountability/controls/practices/payroll.html
•Agencies sometimes want backup for invoices generated•To avoid errors, disallowances, etc.•Verify charges are correct
• Employees• Effort • Rate – NIH cap
How to View•Expanded Budget Summary Report
FinancialLink/ Reports/ Summary Reports/ Expanded Budget
•Payroll ReportFinancialLink/ Reports/ Payroll Reports
PDF VersionWhy?
• Account codes for specific benefits• Needed when doing benefit transfer JV’s outside of ePET
• Biweekly accruals (unless you run DOPE query by index)• http://www‐bfs.ucsd.edu/pay/pdf/dope.pdf
Payroll Projections ReportCan view from
FinancialLink/ Reports/ Payroll Reports
•More useful to view along with EBS
•Provides rough estimate projected balance at end of budget period
•PPS Information on who’s on project, at what effort, and for how long
•Provides opportunity to make PPS corrections to avoid need for ePET
Tips•Coordinate with timekeepers to send employees regular reminders to report vacation usage
•Timeliness is important especially as a project comes to an end•Untimeliness could result in unwanted scenarios:
• Overdraft• Return of funds
•Towards end of project reconcile vacation usage hours reported by employee with VACLAC. Unposted usage hours should be included on FER as pending.
•Don’t forget that usage hours reported for employees at MAX will incur vacation accrual charges, so include on FER as well.
Best Practices•Review DOPES Monthly
• Employees are working on the project• Employees efforts on project are being charged• The rates are appropriate per agency guidelines
•Check periodically with PI if anything’s changed•Run projections to check if any changes need to be made
•Monitor that vacation usage is reported timely
Resources on VACLACSLeave Accounting Overview Powerpoint by Payroll
https://blink.ucsd.edu/_files/payroll/vaclac.ppt
Calculating Vacation Usage and Accrual by Payrollhttps://academicaffairs.ucsd.edu/_files/resource‐admin/budget/fin‐contacts/VacationAccountingPresentation101910.pdf
Vaclac calculation for bi‐weekly employees
Vaclac calculation for monthly employees
Expenditures By Month Ledger •Ledger is quick and easy to review for monthly expenses as part of post award reconciliation
•Is a useful report for reviewing total expenditures over a specific block of time
•Is used to verify indirect costs • When there is more than one IDC rate (i.e. Rate change from 54.5‐55%)
• When there is an IDC discrepancy
•Simple ledger for sponsors that request documentation of expenses
•Can be run by either index or fund number with summarized account detail
Encumbrance Ledger Report•View encumbrances by index and/or by account code
•Review outstanding liens for S&E, SubK, Equipment and Travel
•Necessary for annual and final financial reporting •Reconcile liens that have ended•Reconcile outstanding payments for final closeout reporting
Important for SubK’s that have not sent invoices to UCSDProcess travel in a timely manner to meet financial reporting deadlines
Purchase Order Report
Purchase Order report template is useful for
•Reviewing history of all PO’s processed on an award for financial reporting
•View specific dates , account codes for transaction•Snapshot report capturing PO class, number of items ordered, if change order(s) were processed
•Ensuring that IDC has been charged on SubK’s as there have been issues with various PO’s processed in Marketplace and/or where wire payments are made to foreign entities